Hey all, please help me on this advance tax question

1481 views 11 replies

 

Question : State whether Mr. X is liable to pay advance tax and if yes then what 

amount should be paid by what date. The income of Mr. X is2, 00,000.  ??

 

the answer to this ques is 15300, but m not getting how it is calculated,

plz...do help..!! 

Replies (11)

the question is not clear. can you give details?

This is the complete ques..wat is required to find out is advance tax. and income of the assesse is given..i.e. 200000. 

The question is based on income tax rates for 2006-07 

 

Education Cess has to be added on Income-tax and Surcharge  @ 2% from AY 2004-05 and 3% from AY 2007-08

Income Tax Rates/Slabs for A.Y. (2006-07 & 2007-08)

Slab (Rs.) Tax (Rs.) Surcharge on Income Tax

 

(if TI > Rs. 10 Lakhs)

less than 1,00,000 Nil Nil
1,00,000 to 1,50,000 (TI – 1,00,000) * 10% 10%
1,50,000 to 2,50,000 5,000 + (TI – 1,50,000) * 20% 10%
Greater than 2,50,000 25,000 + (TI – 2,50,000) * 30% 10%
 

advance tax - 30% by 15th sept

60% ( less paid earlier) 15th dec

100% ( less paid earlier) 15th march

a very clear clue was given in question ...15300 i.e 2% education cess applied, you just had to remember the year of implementation and valid upto , coz after this year the education cess changed to 3%

Tax on 1st slab 1.00 to 1.50 lacs = 5000

Tax on 2nd slab 2.00 -1.50= 0.50 *20%=10000

Total income tax = 15000

Edu Cess 15000*2%=300

Tax payable = 15300

 

 

 

1st installment 30% ................  4590

2nd installment (60-30)=30%   4590

3rd and final (100-60)=40%.....6120

-------------------------------------------------

Total advance tax 15300 

hey, thanx a lot..!!  Hats off to u..u looked 4 the slab rates of different years and found out. THANKS. i was wondering the same...whether dese are the rates of fy 10-11.

Impressive.

usually the current tax rates are discussed, but when u replied that its "put in a question" then only i tried to search

for tax rates of earlier years 

 

https://www.etaxindia.org/income-tax-rates-slabs

yeah..!! :)

Very Nice and tricky ques.!

Dear Sharmaji,

Just Brilliant.Great analytical mind.


CCI Pro

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